Popular Bitcoin Mining Company Bitmain Files IPO

3 min read

Bitmain, which has seen profitable business thanks to its cryptocurrency mining hardware has announced it will finally go public in an Initial Public Offering on the Hong Kong Stock Exchange (HKEX).

Bitmain is co foundered by billionaires Jihan Wu and Micree Zhan headquartered in Beijing, China with offices around the world. Since filing the IPO Bitmain has disclosed public financial details stating information about the company not many knew.

The filings showed a total of $2,517,719,000 made in revenue in 2017, which was an increase of $277,612,000 from the year 2016.

At the mid of the year 2018, it had already surpassed 2017 revenue by generating $2,845,467,000. Profits were at $1,212,750,000 in 2017 while reported profits midway through 2018 were at $1,030,151,000.

Bitmain reportedly holds $886.9 million in cryptocurrency (% of total assets) which consists of Bitcoin, Bitcoin Cash, Ether, Litecoin and Dash.

Bitmain is also looking at expanding into mining operations, by buying up land in China to set up as cryptocurrency mining sites. According to the filing, Bitmain has lands In Mongolia, Ningxia and Sichuan. It also has rented 50 properties in 5 different locations. It is currently planning mining operations in the United States and Canada with an eye on hydropower to drive it in Canada’s province of Quebec. Bitmain has offices and Warehouses presently in countries such as Brazil, Israel, Malaysia, and Switzerland to name a few.

Bitmain is seen to employ 2,594 people, with 840 in the research team, 701 in product management, 535 for mining farm maintenance and management, 235 as administration, 209 for customer service and 74 for their sales and marketing.

Bitmain owns 3% stake in Opera Internet Browser and holds 5% in Global Digital Mercantile Limited.

To the news, Twitter users such as Twitter ‘Robby Marchesiello’ stated it would pump Bitcoin Cash (BCH)-

BCH did indeed rise by 20%, as Bitmain has publicly stated it’s support for BCH.

BCH at the time of writing is on the green at $523.72 according to CoinMarketCap.

 

Elite CurrenSea

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